The million dollar question.
The most common question I'm asked regarding a short sale is "how long will this take?" Unfortunately, that's difficult and almost impossible to accurately pinpoint .
There are so many factors that affect the short sale process, and here are a few that will determine how long it will take from start to close.
While sellers' preferred time frames vary considerably, banks are trying their best to get their short sales processed and closed. Stalling for too long, or having an unresponsive bank can put you in danger of foreclosing, and the ramifications of foreclosure are often considerably more negative than those of a short sale.
In general, I'm seeing the approval process take about 60-90 days. This is the time form when we submit the complete short sale package (your financial paperwork & an offer) to receiving the approval letter from your bank.
Once we have the approval letter from your bank, we open escrow. Escrow generally takes an additional 30 days.
If you are considering a short sale, NOW is the time to act. As of right now, the deadline to apply for a HAFA short sale (with it's $10,000 closing incentive) is 12/31/2016, so CALL US TODAY!